Corporate Governance In The North Central Zone Of Nigeria

Corporate governance is often associated with organised private sector businesses, enterprises and organisations. However, in Nigeria, its application has gone beyond the private sector alone since within the public sector there are also businesses, enterprises and corporations owned by the government. In fact, before the introduction Structural Adjustment Programme (SAP) in Nigeria in 1986 more than 60 per cent of businesses, enterprises and industries are owned or partially owned (in partnership with individuals and organisations) by the governments are various levels (national, state and local). The introduction of SAP with one of its cardinal objectives of privatisation and commercialisation of public enterprises, unfortunately, led to the collapse of the industries even when they were sold to private entities to operate them (Udegelanya,1994; Ukpong & Iniedu, 1994). Some of the industries privatisation and commercialisation located in the North Central zone of Nigeria were the various Commodity/Marketing Boards meant to facilitate exports, Jebba Paper Mill, Jos Steel Rolling Mill, Basita Sugar Company, Kwara Furniture Company, Kwara Textile Mill, Benue Cement Company, Ajaokuta Steel industry and Itape Iron Ore Mining Company among others. These industries were either privatised or commercialised for their lack of efficiency, profitability and poor corporate governance structure (Yesufu, 1996; Mordi, et.al, 2010; Ijaiya, et.al, 2017).